Adapting to Change: Ensuring Retirement Security in a Dynamic and Uncertain World
International Pension and Employee Benefits Lawyers Association
19th Biennial Conference, Milan, Italy, 26-29 May 2024
The conference will explore current issues related to retirement security in a post-pandemic world. Globally, countries are facing a demographic cliff due to rapidly aging populations and low birthrates, raising serious questions about the adequacy of retirement systems and current structures, and the future of pensions and benefits. Over the years, there has been a global shift away from traditional defined benefit schemes and a move toward defined contribution arrangements, leaving individuals responsible for ensuring that they have adequate financial resources to last throughout their retirement. For many, the dream of a secure retirement is now being disrupted by high inflation, while others can barely afford to save for retirement. Group benefit plans and healthcare are also not immune to these disruptions. Yet now, stakeholders such as plan sponsors, retirees, unions, regulators, and politicians are exerting competing pressures like never before.
Dominique Hogan-Doran SC is a member of IPEBLA and will be speaking on the Australian implementation of the ‘twin peaks’ model of regulation represented by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority.
The ‘twin peaks’ financial system regulatory model is a functionally-based model under which regulatory responsibility is divided primarily between two regulators, one responsible for the maintenance of financial system stability whilst the other with market conduct and consumer protection. Australia was the first to implement it successfully, this was to be implemented later by the Netherlands, New Zealand, Belgium, the United Kingdom and South Africa. A panel of contributors will discuss these issues.